Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: SoDEX against Kalshi−0.032%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. SoDEX is 0.032% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.032% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 26 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXADAPERP	0.2463	0	get 0.0000% / 8h	3h 35m	$189K	$6.1M	3.2x
Short	SoDEX ADA-USD	0.2462	0.0100	get 0.0013% / 1h	35m 54s	$339	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee KalshibpFee SoDEXbpOrdersPrice spread, now −0.032%Rate

Funding earned: $21
Price spread: −0.032% → 0.000%: −$3.25
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$0.25
Costs to cover: 0.180%
Break-even: 7.1 days

Slippage unknown: Kalshi: live order book, 3 min ago; SoDEX: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kalshi live order book, 3 min ago	4.08 bp	9.1 bp −$9	15.8 bp −$158	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ADA on 37 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ADA-USD	0.0000%	1h	0.2460	−0.107%	$202K	$4K	10x	as long as short
Kalshi KXADAPERPlong	0.0000%	8h	0.2463	long leg	$189K	$6.1M	3.2x
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2461	−0.099%	$85K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+0.325%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0040%	1h	0.2455	−0.325%	$412K	$7.2M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0047%	1h	0.2462	−0.037%	$6.2M	$11.6M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2464	+0.028%	$2.5M	$1.1M	10x	as long as short
Phoenix ADA	+0.0098%	1h	0.2454	−0.374%	$4K	$84K	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2462	−0.041%	$1.2M	$944K	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2462	−0.035%	$158K	$145K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ADAUSDT	+0.0100%	8h	0.2461	−0.081%	$102.0M	$363.9M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2461	−0.081%	$72.1M	$103.7M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2464	+0.041%	$32.5M	$106.9M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2460	−0.122%	$97.6M	$58.5M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2460	−0.122%	$52.9M	$51.0M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2462	−0.041%	$30.2M	$17.8M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2464	+0.041%	$66.2M	$43.9M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2461	−0.081%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2463	+0.008%	$117K	$416K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2460	−0.117%	$4.2M	$942K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2452	−0.432%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	−0.406%	$296K	$3.7M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2455	−0.325%	$55K	$583K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2461	−0.085%	$93K	$645K	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2461	−0.081%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2462	−0.029%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2463	0.000%	$9K	$763K	30x	as long as short
SoDEX ADA-USDshort	+0.0100%	1h	0.2462	−0.032%	$339	$13K	10x
HTX ADA-USDT	+0.0100%	8h	0.2463	−0.019%	$1.3M	$5.5M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2461	−0.081%	$48.1M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0101%	8h	0.2463	−0.010%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2462	−0.041%	$553K	$1.8M	50x	as long as short
Hyperliquid ADA	+0.0110%	1h	0.2464	+0.041%	$42.9M	$14.3M	10x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2456	−0.284%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2461	−0.080%	$1K	—	15x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0400%	1h	0.2462	−0.020%	$495K	$435K	50x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0625% / S −0.0393%	1h	0.2460	−0.106%	$142K	—	100x	as long as short